The price of shares in AIM-listed financial services firm W.H. Ireland (LON:WHI) dropped by 5.17% to 41.25p (as of 10:30 BST) after it announced the disposal of its Isle of Man subsidiary. The firm will be paid a cash consideration of £250,000 with further payments depending on future performance. The sale to Ravenscroft has the approval of the directors of the Isle of Man office but it remains subject to regulatory approval.
CEO Phillip Wale commented: “We are pleased to announce this next step in streamlining WH Ireland’s wealth management operations into a smaller number of integrated, larger locations focused on delivering a high quality service to our private clients.
“The disposal of the Isle of Man subsidiary will continue this process whilst freeing up capital and management resources to focus on and invest in growing the core wealth management business and returning it to profitability“.